Iterum Therapeutics Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
December 14 2021 - 4:30PM
Iterum Therapeutics plc (Nasdaq: ITRM) (the “Company”), a
clinical-stage pharmaceutical company focused on developing next
generation oral and IV antibiotics to treat infections caused by
multi-drug resistant pathogens in both community and hospital
settings, today announced that it has granted a non-statutory share
option to purchase an aggregate of 1,800,000 ordinary shares of
Iterum Therapeutics and 500,000 restricted share units to Sailija
Puttagunta, M.D., Iterum Therapeutics’ newly appointed Chief
Medical Officer. This grant was awarded pursuant to the Nasdaq
inducement grant exception as a component of new hire employment
compensation.
The share option was granted effective December
10, 2021 with an exercise price of $0.48 per share, which is equal
to the closing price of Iterum Therapeutics’ ordinary shares on the
date of grant. The share option has a 10-year term and vests over
four years, with 25% of the original number of shares vesting on
the first anniversary of the date of commencement of employment and
the remaining shares vesting monthly thereafter over the subsequent
36 months, in equal amounts until fully vested, subject to the
employee's continued service with the Company through the
applicable vesting dates. The restricted share units vest over four
years, with 25% of the restricted share units vesting on each
one-year anniversary of the date of commencement of employment
until fully vested, subject to the employee’s continued service
with the Company through the applicable vesting dates. The share
option and restricted share unit awards were approved by Iterum
Therapeutics’ Compensation Committee and were granted as an
inducement material to Dr. Puttagunta’s acceptance of employment in
accordance with Nasdaq Listing Rule 5635(c)(4). The share option
and restricted share units are subject to the respective terms and
conditions of a share option agreement and restricted share unit
agreement covering the grants and Iterum Therapeutics’ 2021
Inducement Equity Incentive Plan.
About Iterum Therapeutics
plc
Iterum Therapeutics plc is a clinical-stage
pharmaceutical company dedicated to developing differentiated
anti-infectives aimed at combatting the global crisis of multi-drug
resistant pathogens to significantly improve the lives of people
affected by serious and life-threatening diseases around the world.
Iterum Therapeutics is advancing its first compound, sulopenem, a
novel penem anti-infective compound, in Phase 3 clinical
development with an oral formulation and IV formulation. Sulopenem
has demonstrated potent in vitro activity against a wide variety of
gram-negative, gram-positive and anaerobic bacteria resistant to
other antibiotics. Iterum Therapeutics has received Qualified
Infectious Disease Product (QIDP) and Fast Track designations for
its oral and IV formulations of sulopenem in seven indications.
Investor Contact:Judy Matthews
Chief Financial Officer 312-778-6073 IR@iterumtx.com
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